C. The charging of an illegal rate of interest.
Listen to pronunciationLegal Definition -
n. 1. Historically, the lending of money with interest. 2. Today, the charging of an illegal rate of interest. 3. An illegally high rate of interest. -- Also termed illegal interest; unlawful interest.
Black's Law Dictionary® Eighth Edition © 2004
Here is the adjective form:
Usurious- (yoo-zhuu-ree-əs)
note the different pronunciation.
Listen to pronunciationRecent Usage -
"Several payday loan companies may take a financial hit because of a court ruling that rejected their old ways of doing business, but the industry should go generally unscathed. The Florida Supreme Court ruled last week that commercial check-cashing stores sued by their customers broke state usury laws from 1994 to 2001 by giving loans in exchange for postdated checks. The law prohibits lenders from charging more than 18 percent interest per annum, and payday lenders often charged fees of 400 percent or more, according to industry experts. The check cashers named in seven lawsuits, including six filed in Palm Beach Circuit Court, could potentially lose 'millions of dollars' either through arbitration or jury awards, said plaintiffs attorney Richard A. Fisher. Fisher's co-counsel, E. Clayton Yates of Fort Pierce, said the plaintiffs are seeking repayment of fees, double the interest charges and treble damages under Florida's civil Racketeer Influenced and Corrupt Organizations statute. It could be five times the amount of usurious interest charged, Yates said. 'I hope we can get back a significant amount of money for the people who were taken advantage of.'" Daily Business Review Jaime O. Hernandez 05-05-2006